The latest analysis from Zoopla and Hometrack suggests that the hiatus in the market created by the lockdown has paused over 373,000 property sales in the UK, with the combined estimated value of circa £82 billion.
Fears and predictions that this halt could lead to a dramatic fall in house prices, has over the last few weeks started to dissipate from industry opinion. It is now being replaced with a more optimistic view that this can be avoided, due to the resilience being shown by the UK home selling and buying public, who just want to get on and move!
Whilst Zoopla's release shows that demand for homes dropped 70% over March and bottomed out near the beginning of April, it has slowly been on the rise again over the last weeks. Although agents have reported reduced levels of new supply, the number of residential properties up for sale apparently sits just 4% lower than March’s early reading, suggesting that most sellers and buyers are determined to hold firm on the market’s revival, confident that when the housing market reopens, possible in a few short weeks time, house prices will remain at or near the level they were at before lockdown.
The Robert Bell & Company Team
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